I have yet to hear anyone, say anything, about what happens to those currently in school, who have taken out loans but have not yet graduated. Will their loans also be forgiven eventually? My understanding is that the talk of forgiveness is for those who have graduated and in repayment status now, but not those currently in school and taking out new loans.
What about students just entering college now, and taking out their first loans now? Will those be forgiven?
It seems to me, that if we start down this road, you will have to reach a point where nobody will ever have to repay a student loan.
I have saved enough for my grandchildren’s college. But if loan forgiveness becomes policy I will encourage them to take loans. Then my savings will be available for more fun things, like a mid-engine Corvette, or a place in Hawaii.
You want to get a degree in nursing or mechanical engineering, there should be a private sector loan for about 3%. Want to study puppetry or gender studies, make it 27% interest.
It is like amnesty for illegal aliens. They always say it is a one time deal, but it never is.
Beat me to it.
I’m sure that people who graduated 5 years ago with big debts think this is a swell idea. But those who never went to college, those who have paid off their debts, those who are enrolled now, and — I think especially galling — those who are, let’s say, 15 right now. They gonna miss the boat, aren’t they? Big debts in their future, but who cares?
The only way this “makes sense” is to wave that magic wand and say no one ever pays for college and all professors and administrators are just paid by the government.
Not gonna happen. So what Biden is aiming at is manifestly unfair to almost everyone in the country.